Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The recent share reduction by a major shareholder due to operational issues is not a cause for concern, and any short-term emotional impact on the stock price may present a good investment opportunity. Historical analysis shows that the emotional impact from previous reductions has diminished over time, and the current safety margin is sufficient with a price-to-earnings ratio (PE) of 12.88x after considering asset injections [2][6] - The company is expected to benefit from favorable policies regarding offshore wind resources in Fujian Province, with potential asset injections from the parent group that could enhance earnings per share (EPS) significantly. The projected EPS for 2025-2027 is 0.46, 0.49, and 0.73 respectively, corresponding to PE ratios of 11.76, 11.02, and 7.36 [2][6] Summary by Sections Event Description - The company announced that a major shareholder, "Huaxing New Ventures," plans to reduce its holdings by up to 5,325,381 shares through trading methods. This reduction is attributed to the expiration of operational terms and is not related to the company's performance [6] Event Commentary - The reduction is seen as non-fundamental, and the long-term value of the company remains intact. The previous reduction in August 2024 did not lead to significant long-term impacts, and the current market conditions suggest that any emotional market reactions will be short-lived. The company’s valuation remains attractive with a PE ratio of 12.88x, and upcoming asset injections are expected to contribute positively to earnings [2][6] Financial Projections - The company’s total revenue is projected to grow significantly from 1,741 million in 2025 to 6,218 million by 2027. The net profit is expected to increase from 692 million in 2024 to 1,916 million in 2027, indicating strong growth potential [17]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

证券代码：600163 证券简称：中闽能源 公告编号：2025-021 中闽能源股份有限公司 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东及董监高持股的基本情况 截至本公告披露日，中闽能源股份有限公司（以下简称"公司"）股东福建 华兴新兴创业投资有限公司（以下简称"华兴新兴"）持有公司股份 5,325,381 股，占公司总股本的 0.28%。上述股份来源于公司 2015 年重大资产重组及发行 股份购买资产并募集配套资金事项公司非公开发行股份购买资产取得。华兴新兴 系公司控股股东福建省投资开发集团有限责任公司的一致行动人。 减持计划的主要内容 因经营期限即将到期，华兴新兴计划通过集中竞价交易和大宗交易方式减持 其持有的公司股份不超过 5,325,381 股。 本次减持计划自本公告披露之日起 15 个交易日后的 3 个月内实施，上述期 间如遇法律法规、规范性文件规定的窗口期，则不减持。若在减持计划期间公司 发生派发红利、送红股、资本公积金转增股本、增发新股或配股等股本除权、除 息事项，上述减持股 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

一季度，全社会用电量累计23846亿千瓦时，同比增长2.5%，在政策与需求双轮驱动下，电力行业持续 向上生长。 Wind数据统计显示，A股电力板块74只个股中，26只获资本市场"国家队"持有，最新持仓市值529.5亿 元，从其持股路径看，或为被"低估"的行业黑马。 "国家队"一季度增持6股 民营企业占得1席 资本市场"国家队"通常指具有政府背景、在金融市场中发挥重要稳定和调节作用的机构投资者。"国家 队"的资金规模庞大，投资行为往往对资本市场具有较强影响力。 纵观"国家队"持股表现，一季度增持电力板块6只个股，减持9只，增持个股最新持仓市值65.31亿元。 除中央及地方国有企业上榜增持名单外，民营企业也占得1席，体现出主力资金对民营经济的促进与支 持。 就具体企业看，地方国资代表浙江浙能电力股份有限公司（以下简称"浙能电力"）一季度获"国家队"增 持数量最多，达6841.11万股；民营企业广东宝丽华新能源股份有限公司（以下简称"宝新能源"）增持 股数位列其后，为1493.51万股。 "福建海风市场空间广阔，加之第一大股东福建省投资开发集团有限责任公司加速海风资产注入，中闽 能源2025年全年归母净利润有望同比 ...

中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2024 年年度股东大会 会 议 资 料 2025 年 5 月 20 日 中闽能源 2024 年年度股东大会会议资料 | | | | 2024 | 年年度股东大会会议须知 | 2 | | | | --- | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 4 | | | | 议案 | 1：2024 年度董事会工作报告 | | | 6 | | 议案 | 2：2024 年度监事会工作报告 | | | 12 | | 议案 | 3：公司 2024 年度财务决算报告 | | 15 | | | 议案 | 4：公司 2024 年度利润分配预案 | | 18 | | | 议案 | 5：关于聘请公司 2025 | 年度审计机构的议案 | | 19 | | 议案 | 6：公司 2024 年年度报告及摘要 | | 22 | | | 议案 | 7：关于公司使用自有闲置资金进行现金管理的议案 | | | 23 | | 议案 | 8：关于公司 2025 | 年度日常关联交易预计情况的议案 | | 25 | | 议案 | ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue showed a slight increase year-on-year, while the net profit attributable to shareholders decreased due to impairment losses [1][7] - The company is expected to achieve further growth in performance as power projects are being implemented [2][18] - Asset injection from shareholders is anticipated to enhance the profitability of the listed company [3][19] Revenue and Profitability - In 2024, the company achieved a revenue of 1.741 billion yuan (+0.54%) and a net profit of 651 million yuan (-4.03%) [1][4] - The increase in revenue was primarily driven by a rise in power generation, which reached 3.008 billion kWh (+2.47%) [1][7] - The net profit decline was attributed to increased credit impairment losses and asset impairment losses [1][7] Future Growth Prospects - The company has secured development rights for several renewable energy projects, including offshore wind and solar power projects, which are expected to drive future revenue growth [2][18] - The company plans to accelerate project implementation and expand its market presence in resource-rich areas outside Fujian province [2][18] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are 700 million yuan, 760 million yuan, and 840 million yuan, representing year-on-year growth rates of 7.8%, 8.0%, and 10.2% respectively [19] - The earnings per share (EPS) for the same period are projected to be 0.37 yuan, 0.40 yuan, and 0.44 yuan [19] Financial Metrics - The company's gross margin for 2024 is reported at 57.64%, an increase of 0.96 percentage points year-on-year [12] - The return on equity (ROE) for 2024 is expected to be 9.6%, down from 10.9% in 2023 [16] - The price-to-earnings (PE) ratio for the company is projected to be 15.7, 14.5, and 13.2 for 2025-2027 [19]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 514 million yuan in Q1 2025, representing a year-on-year growth of 10.43%, with a net profit attributable to shareholders of 251 million yuan, up 18.1% year-on-year [6][9] - The company's wind power generation in the Fujian region grew by 19.25% year-on-year, contributing significantly to revenue growth, while the average comprehensive electricity price remained stable at 0.586 yuan per kilowatt-hour, slightly down by 1 fen compared to the previous year [2][11] - The company successfully controlled costs, with financial expenses decreasing by 24.88% year-on-year to 18.8 million yuan, leading to improved profitability with gross and net profit margins of 68.16% and 51.36%, respectively, both showing year-on-year increases [2][11] Summary by Sections Financial Performance - In Q1 2025, the company generated 899 million kilowatt-hours of electricity, a 12.40% increase year-on-year, with the Fujian region being the primary driver of this growth [2][11] - The total operating costs decreased by 4.16% year-on-year, amounting to 1.64 billion yuan, while the company’s financial expenses were reduced significantly [11][12] Growth Potential - The company is positioned for future growth with several projects in the pipeline, including the potential asset injection from the group, which could enhance earnings per share [11][12] - The report forecasts EPS for 2025-2027 to be 0.46 yuan, 0.49 yuan, and 0.73 yuan, respectively, with corresponding PE ratios of 12.37, 11.59, and 7.74 [11][12]